Commodity Daily News

Crude Prices in Appreciation on Boosted Demand and Weak USD

Despite the US dollar's surge, the price of Crude Oil may have been in a steady bullish channel before this morning's announcements from China. The US driving season has officially kicked off as many Americans enter summer vacation with muddled optimism. This has boosted demand for the black gold and the depreciation of the dollar has only added to the momentum already being built.

This week's news events may impact Crude Oil prices more than many are likely expecting. A number of analysts have begun to anticipate a rise in demand for oil and as a result this week's manufacturing and industrial data from across the globe will give a sneak preview into the level of global demand. Should this week's figures disappoint, we could see the price of oil hit $80 a barrel and promptly bounce off back towards $75.